NEW YORK, March 9, 2022 — Ready Capital Corporation (NYSE: RC) (“Ready Capital”) today announced that it has expanded its SBA 7(a) lending program to support the most underserved businesses by utilizing proprietary technology to underwrite loans as small as $10,000. Through its small business lending unit, Ready Capital can now consider loans from $10,000 to $5,000,000 for its 7(a) lending program. The Small Business Administration (SBA) identifies loans smaller than $350,000 as 7(a) Small Loans.
“By expanding our 7(a) capabilities, we can finance an even broader range of eligible businesses, with greater efficiency and transparency,” said John Moshier, President of Small Business Lending at Ready Capital. “This capability supports our effort to fulfill the SBA’s mission of promoting minority-, woman- and veteran-owned businesses while helping build American communities.”
Read the full press release here: https://ir.readycapital.com/investor-relations/News/news-details/2022/Ready-Capital-Expands-Business-Lending-to-Originate-7a-Small-Loans-as-low-as-10000/default.aspx